The Financial Regulations Division (FRD) deals with the development of the regulatory framework, which influences the operations of the country’s financial sector. The division seeks to develop an effective regulatory framework for deposit-taking and non-deposit-taking financial institutions and the supervision of the pensions industry, as well as to develop an adequate legislative framework for successfully combating financial crimes.
Its core function is to develop the appropriate policy to facilitate prudence, discipline and integrity in the financial industry. Its task is to constantly examine financial sector issues as it relates to the ways in which legislation can be enhanced to achieve international standards. In so doing, the division has been working with the supervisory authorities to develop prudential policies, which will contribute to a stable financial sector.
To develop sound policy for the supervision of the financial sector.
The objectives of the FRD are to:
- Research issues relating to financial sector regulation and development and keep up-to-date with emerging international financial and economic trends
- Ensure that all Acts regulating providers of financial services effectively address the developments in the financial sector;
- Evaluate and give recommendations on the economic or policy implications of proposals submitted by various NGOs, government agencies and financial institutions
- Facilitate the development of policy to regulate the Pensions Industry;
- Coordinate with other agencies to ensure that combating financing of terrorism and Anti-Money laundering issues are addressed;
- Work with supervisory authorities to deal with matters relating to the development and performance of the financial sector; and
- Ensure that all notices, orders and publications pertaining to the financial sector are prepared and gazetted. [This includes exemptions from the Moneylending Act and the preparation of unclaimed bank balances].
FRD liaises with several domestic institutions namely:
- The Bank of Jamaica (BOJ)
- Financial Services Commission (FSC)
- The Attorney General Chambers (AG)
- Jamaica Deposit Insurance Company (JDIC)
- The Planning Institute of Jamaica (PIOJ)
- Office of the Chief Parliamentary Council (CPC)
- The Financial Investigations Division (FID)
- The Financial Institutions Services (FIS)